Last night the Prime Minister announced a third lockdown for England. Retail, hospitality and leisure business will be closed until at least February half-term in an attempt to control the virus. Today, the Chancellor has announced a new £4.6bn support package. It includes a range of financial support measures to help businesses through the tighter restrictions into the Spring.

Support Packages

Top-Up Grants

An estimated 600,000 UK businesses in the retail, hospitality and leisure sectors will  receive one off top up grants worth up to £9,000.

The one-off top-ups will be granted to closed businesses as follows:

  • £4,000 for businesses with a rateable value of £15,000 or under
  • £6,000 for businesses with a rateable value between £15,000 and £51,000
  • £9,000 for businesses with a rateable value of over £51,000
Discretionary Fund

A further £594m discretionary fund will also be made available to local councils and devolved nations to support businesses which are not eligible for the new grants, but are affected by the tighter restrictions.

Sunak said:

“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”

We will keep you up to date as more information is announced. We know these are very difficult times and we are here to support you.

As always, if there is anything you would like to discuss further just give us a call or drop us an e-mail, we’d love to grab a coffee and chat over zoom!